Access Bank To Refund Stamp Duty Charges After Customers’ Outcry

Access Bank Plc has stated it could refund its prospects whose accounts had been debited for stamp obligation costs.

The financial institution made this recognized on Sunday after it obtained heavy criticisms for the fees.

Recall that account house owners on the microblogging website, Twitter, known as out the financial institution all through the weekend for the fees, which a few of them described as insensitive, coming at a time when many had misplaced their technique of livelihood because of the COVID-19 pandemic.


But the financial institution, in a press release, stated it had knowledgeable the purchasers earlier within the week of its resolution.

“Earlier this week, we knowledgeable all our prospects that we had inadvertently not charged stamp obligation on some accounts from February to April 2020 as mandated by the Federal Government,” the assertion learn.

Explaining the rationale for stamp obligation costs, the financial institution stated: “Stamp obligation cost assortment is in compliance with the mandate of the Finance Act, 2019 (Stamp Duty Act, Cap S8). We are required by regulation to use this cost as relevant and remit all funds collected to the Federal Government.”


Promising to refund the affected prospects their cash, the financial institution stated it had taken cognisance of the purchasers’ displeasure and had determined to rescind its resolution for the affected months of February, March and April, saying it could pay the Federal Government on the purchasers’ behalf.

“We have thought-about your suggestions and have determined to pay the stamp obligation on our prospects’ behalf for the affected interval solely. This means all particular person and SMEs who had been debited for the gathered stamp obligation cost for February to April 2020, shall be refunded.

“While we nonetheless must remit these funds by way of the CBN to the Federal Government, we realise that we received it improper by debiting our prospects late, and we’re refunding the affected stamp obligation cost right now to all affected prospects,” the financial institution stated.

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